Tanzania Largest Gold Producer Close 2017 With USD 700 Million Loss

Tanzanian largest gold producer Acacia Mining (LSE: ACA) released its 2017 Preliminary Results showing net losses of USD 707.394 million as opposed to net earnings of USD 94.944 million in 2016.

During the same period revenues dropped by -29% reaching USD 751.515 million versus USD 1,053.532 million in 2016.

Peter Geleta, Interim CEO of Acacia explained that the company was impacted by events beyond its control, referring to the ongoing ban on the export of gold/copper concentrate that resulted in the company being unable to export and sell 185,800 ounces of produced gold which led to a substantial cash outflow.

Unsold concentrate also includes 12.1 million pounds of copper and 158,900 ounces of silver, currently stockpiled in Tanzania.